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Survey ranks Palm Beach real estate pros among country’s top producers

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After a record year in 2020 for Palm Beach property sales, local agents and brokers have earned a spot on the annual lists of top producers in the state and state based on residential property sales volume and other criteria.

The caveat is that the rankings only reflect the sales of the real estate professionals and companies who chose to take the survey – and not every Palm Beach agent and broker has.

The rated professionals – or their agencies – submitted sales data for the 16th annual polls, jointly sponsored by two real estate companies, Real Trends of Colorado and Tom Ferry International of California. In December, Real Trends was taken over by HW Media, based in Dallas, but is still involved in the rankings.

More:Palm Beach home sales skyrocketed in the fourth quarter, reflecting a good year

Known as “The Thousand” and “America’s Best Real Estate Professionals,” the two reports were released online on Friday. “The Thousand” was also included in the Wall Street Journal as a special promotional part.

The sales figures used to compile the reports required “independent third-party verification,” according to a joint letter sent as part of “The Thousand” from Clayton Collins, CEO of HW Media, and Tom Ferry, Founder and CEO of Tom Ferry, included was International.

Verification takes “many forms, but the source for verification must be independent of the sales rep or team submitting the application,” the letter reads.

Angle tops locals on national list

Its categories in The Thousand report included a ranking of the country’s 250 best agents based on their individual sales volume category over the past year – and several island-based agents made the list.

Christian Angle Real Estate’s Palm Beach broker Christian Angle was ranked # 2 nationwide – and # 1 in Florida – with a reported sales volume of $ 738.96 million last year.

Also in the top 10 nationally was agent Dana Koch of the Corcoran Group’s Palm Beach office, whose reported sales volume of $ 450.48 million ranked him 9th.

Dana Koch

Among those missing from the ranking, as usual, was top manufacturing broker Lawrence Moens of Lawrence A. Moens Associates of Palm Beach, who told the Palm Beach Daily News that he did not participate in such projects. Moens’ closed sales volume last year would have earned its brokerage a top spot on the list, including its 2020 closed MLS deals and off-market sales tracked by the Daily News.

The Palm Beach agents are rounded off on the national top 250 sales volume list by the agent Suzanne Frisbie from Premier Estate Properties, who ranks 11th with a reported sales volume of 405.56 million. Gary Pohrer from Douglas Elliman Real Estate (No. 32 at $ 261.3 million); Todd Peter of Sotheby’s International Realty (No. 53 for $ 190.11 million); Chris Deitz of William Ravis South Florida (No. 64 for $ 171.34 million); and Elizabeth DeWoody of Compass Florida (No. 192, $ 102.12 million).

In “The Thousand” report, the “top performing single agents in the country increased their closed transaction pages by an average of 18.2% from 2019 to 2020,” said a statement published with the rankings at RealTrends.com. “In closed sales, The Thousand Top People saw their closed volume increase 44.9%. Even the median numbers have risen, with median sides by 9.3% and median volume by 30.5%. ”

The country’s No. 1 agent in terms of sales volume has held this award for several years: Ben Cabalerro from Dallas of HomesUSA achieved sales of US $ 2.45 billion.

A national category in the “The Thousand” report classified “small teams” of two to five real estate professionals according to sales volume. Palm Beach’s Jim McCann Group of Premier Estate Properties ranked third on this list with a reported sales volume of $ 417.54 million. McCann’s team was also ranked # 1 among the state’s small teams on America’s Best List.

Jim McCann

In the “Large Teams” category – comprised of teams of 11 to 20 real estate professionals – Douglas Elliman’s Leavitt McIntosh team from Palm Beach achieved sales of US $ 305.52 million, ranking 15th nationally and 3rd in Florida . This team is led by Agents Christopher Leavitt and Ashley McIntosh.

Christopher LeavittAshley McIntosh

Florida rankings include many of the names of Palm Beach

According to the organizers, the “America’s Best” list included more than 18,000 US real estate sellers from each state.

In addition to Angle, who topped the Florida list of people by sales volume, four other Palm Beach agents were in the top 10: Koch, who was third; Frisbie (No. 5); Pohrer (No. 8); and Peter (No. 10).

Robert Thompson, owner of Jupiter-based Waterfront Properties and Club Communities, which has an office in Palm Beach, was ranked 11th in the state with sales of $ 182.07 million. Deitz came in 12th and DeWoody in 26th.

The same Florida list included Sonja Stevens of Palm Beach’s Sotheby’s International Realty, which came in at number 29 with $ 84.58 million. Other Palm Beach brokers and agents on the Florida list included Cristina Gibbons of Sotheby’s (34th place for $ 77.14 million); Elliman’s Samantha Curry (39th place for $ 69.68 million); Corcoran’s Stephen Presson (42nd place with $ 66.12 million); and John O. Pickett III of Brown Harris Stevens (# 68 for $ 55.54 million.)

The list of those whose sales volume was $ 40 million or more also included Thor Brown, who was with the Corcoran Group last year but recently joined Elliman (# 72 at $ 54.9 million); Elliman’s Alison Newton (No. 73 at $ 54.53 million); Elliman’s Cara Coniglio McClure (No. 79 at $ 52.02 million); Elliman’s Lisa Wilkinson (# 85 at $ 49.24); Corcoran’s Bill Yahn (90th place at $ 47.92 million); Ashley Copeland of Brown Harris Stevens (# 96 for $ 46.99 million); Alan Quartucci of Brown Harris Stevens (No. 98 for $ 46.75 million); Patricia Mahaney of Sotheby’s (No. 115 for $ 42.99 million); Simon Isaacs of Simon Isaacs Real Estate (No. 116 for $ 42.78 million); and Fern Fodiman of Sotheby’s (# 126 for $ 40.61 million).

Other Palm Beach agents, whose sales volume ranged from $ 30 million to $ 40 million, were also on the list of the state’s top producers. These included: Christine Gibbons of Sotheby’s (# 136 at $ 39.05 million); Lisa Cregan of Sotheby’s (No. 144 at $ 37.61 million); Elliman’s Burt Minkoff (# 154 for $ 36.43 million); Rosalind Clarke of Premier Estate Properties (No. 156 for $ 35.85 million); Ellimans Kim Spear (# 165 for $ 35.16 million); Sotheby’s Carole Koeppel (No. 176 for $ 34.24 million); Elliman’s Micahel Costello (No. 185 at $ 33.4 million); Manuela Yanez of William Raveis South Florida (No. 201 with $ 32.29 million); and Ashley O’Neil of Brown Harris Stevens (No. 206 for $ 31.22 million).

The state sales volume list was rounded off by the Palm Beach agent Blair Kirwan of Brown Harris Stevens (No. 231 with 29.56 million US dollars); Jonathan Moss of Sotheby’s (# 263 for $ 27.62 million); Betty Anne Schneider of William Raveis (No. 278 for $ 26.52 million); Sotheby’s Bobby Goodnough (# 284 at $ 26.07 million); Betsy Fry of Sotheby’s (# 287 at $ 26.02 million); Lilly Leas Ferreira of Brown Harris Stevens (No. 292 for $ 25.72 million); Corcoran’s Don Todorich (# 305 at $ 25.1 million); Stephen Simson of William Raveis (No. 314 for $ 24.48 million); Stephanie Lefes of Sotheby’s (# 351 at $ 21.13 million); Maureen Woodward of Brown Harris Stevens (# 376 with $ 22.23 million); Maryann Chopp of Sotheby’s (# 404 for $ 21.66 million); Elliman’s Paul Pollack (No. 458 for $ 20.22 million); and Asha Janina Radtke from Sotheby’s No. 459 with $ 20.2 million).

Palm Beach teams are among the best producers in the state

In addition to the Jim McCann Group, six other “small” Palm Beach teams were placed on the Florida list for their sales volume. Liza Pulitzer and Whitney McGurk of Brown Harris Stevens ranked 32nd place with $ 80.25 million, followed by Carol Falciano and Ron Falciano of William Raveis (46th place with $ 66.73 million); The Kirkpatrick team, led by Sabra Kirkpatrik of Brown Harris Stevens (# 55 with $ 62.16 million); Elliman’s The Scott Gordon Team (96th place for $ 47.83 million); Jack Elkins team at William Raveis (No. 98 with $ 47.14 million); and Ellimans Gottfried Wenzel, led by Pamela Gottfried and Joan Wenzel (No. 195 for $ 32.02 million).

On the Florida “Big” list, Elliman’s Leavitt McIntosh team was supported by a team from Compass Florida – The Hall Group Palm Beach, led by Stephen Hall and ranked 31st with sales of $ 74.06 million .

A disclaimer on The Thousand report clarifies its relationship with the Wall Street Journal: “The Wall Street Journal editors and newsroom were not involved in the creation or production of this special promotion or its story selection.”

*

This is a developing story. Check again for updates.

dhofheinz@pbdailynews.com

@PBDN_hofheinz

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Real Estate News

The Vatican revealed its real estate portfolio for the first time—and it includes over 5,000 properties around the world

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VATICAN CITY (CNS) – On the eve of a lawsuit for financial misconduct related to the Vatican’s purchase of a property in London, the office that manages most of the Vatican’s investment portfolio, including real estate, has published a summary of its annual budget for the first time.

The Holy See Heritage Administration, known by the Italian initials APSA, published its budget summary on July 24th, and its President, Bishop Nunzio Galantino, described it as “a step forward towards transparency and sharing”.

APSA directly manages 4,051 properties in Italy and hires outside companies to manage around 1,200 properties in London, Paris, Geneva and Lausanne, Switzerland, the report says.

However, the office was not involved in the London real estate deal that led to the indictment of 10 people, including Cardinal Angelo Becciu, former Prefect of the Congregation for the Cause of Saints, for embezzlement, money laundering and abuse of office.

The trial, which was scheduled to begin on July 27, revolves around a Vatican investigation into which the foreign secretariat used $ 200 million to fund a real estate development project in London’s posh Chelsea neighborhood and incurred millions of dollars in debt.

According to the indictment, the failed real estate deal resulted in significant losses to the Vatican’s finances, including from funds earmarked for the Holy Father’s personal charitable works, particularly funds from the Peter’s Pence Collection.

The budget summary gave an insight into the Vatican’s investments and real estate holdings, often shrouded in mystery and the subject of much speculation.

Towards the end of the investigation, Pope Francis ordered the State Secretariat to transfer control of its financial assets to the APSA.

“The State Secretariat, which most closely and directly supports the activity of the Supreme Pope in his mission and represents an essential point of reference for the activity of the Roman Curia, should not perform the functions already assigned by competence in other dicasteries in economic and financial matters”, wrote the Pope in December.

The APSA budget synthesis has highlighted the challenges of the COVID-19 pandemic. In fiscal 2020, APSA posted a profit of nearly 22 million euros ($ 25.8 million), a significant decrease from its profit of 73.21 million euros ($ 86.3 million) in 2019.

Bishop Galantino, who was elected by the Pope to lead the office in 2018, told Vatican News that despite heavy losses due to lockdowns during the year, “immediate and concrete attention” has been given to the people, and especially commercial companies, occupying buildings or managed by APSA.

“In documented cases, we have given them the opportunity to benefit from a rent reduction and to defer part of the rent themselves,” he said.

While the cut or postponement of rent payments contributed to the loss of income for the year, the Italian bishop said the decision was “a positive outcome in the sense that it expressed a will to be and remain and yourself as the Church to behave. ‘even in a moment of severe crisis for everyone. “

“I have a secret hope: I hope that publishing and reading the numbers will lead to more correct and complete information.”

The APSA’s budget summary also provided insight into the Vatican’s investments and real estate holdings, often shrouded in mystery and the subject of much speculation.

“I have a secret hope: I hope that the publication and reading of the numbers and the important accompanying notes will help to provide more correct and complete information,” said Bishop Galantino.

More importantly, it tells how real estate income is used or allocated.

For example, the budget summary states that market rents collected from “prestigious properties” in Paris and London enabled the APSA to offer the papal almsgiver’s office rent-free use of Palazzo Migliori, a four-story building that is only one A stone’s throw from St. away. St. Peter’s Basilica.

Once the residence of Roman nobles, the 19th century building has been converted into a lodging, day center and soup kitchen for the poor, managed by the Community of Sant’Edigio, a Rome-based lay movement that already has soup kitchens and a variety of Programs for the poor in the city.

In addition, Bishop Galantino told Vatican News that the purchase of a property near the famous Arc de Triomphe in Paris in 2017 for an estimated 14.4 million euros was made by the Vatican “to increase revenue for the Holy See and at the same time resources to invest in the construction of a church and a Catholic school in a poor Parisian neighborhood.

For Bishop Galantino, the purpose of releasing the budget is to promote “a new culture” of financial responsibility.

However, not all properties owned by the Vatican are sprawling buildings in swanky neighborhoods.

The APSA stocks include arable land that almost exclusively grows grain and wheat, which the animals are fed on the papal farm in Castel Gandolfo, the bishop said.

The agricultural company that oversees the arable land also participates in agricultural conservation programs “aimed at limiting and reducing soil erosion”.

APSA, he said, will complete a census of their land wealth by the end of summer 2021, followed by analysis and policy proposals “to improve their relative income performance”.

Nevertheless, for Bishop Galantino, the release of the budget and the continuation of financial reforms are about more than the order of the Vatican’s finances; The main aim is to “promote a new culture” of fiscal responsibility.

“This requires the definition of new procedures that ensure increasingly correct and transparent management models (which are) easily comprehensible and open to any oversight,” he said. “We’re still working on that. But we are on the right track. “

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Real Estate News

Slate Asset Management Announces Final Close of Slate Real Estate Capital I to Complete US$2.33 Billion Portfolio and Platform Acquisition from Annaly Capital Management, Inc.

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CHICAGO–(BUSINESS WIRE) – Slate Asset Management (“Slate”), a global real estate alternative investment platform, today announced the final closing of Slate Real Estate Capital I (“SREC I”). SREC I also today closed the first closing on the previously announced $ 2.33 billion acquisition of the commercial real estate business of Annaly Capital Management, Inc. (“the Acquisition” or “the Transaction”). The portion of the portfolio acquired from Slate Grocery REIT (TSX: SGR.UN / SGR.U) is still pending and is expected to close in the third quarter of 2021.

SREC I is Slate’s first debt-focused investment vehicle. The fund was oversubscribed with debt commitments from a global group of new and existing institutional investors, including a preferred equity investment from Goldman Sachs Asset Management’s Vintage and Vintage Real Estate Partners Funds. This investment builds on Slate’s existing partnership with Goldman Sachs Asset Management.

“Our primary focus at Slate is creating long-term value for our investors and we are excited to deepen and expand our relationships with valued partners such as Goldman Sachs Asset Management and other global institutional investors,” said Blair Welch, co-founding partner by Slate. “With the initial completion of this transaction, our platform and our team are now geared to exploiting convincing and creative investment opportunities across the entire capital stock.”

“By leveraging size and deep underwriting skills, Slate and the Vintage Funds have been able to structure a multi-faceted investment and acquire a high quality portfolio of real estate credit positions that combines downside protection and attractive return potential,” said Sean Brenan, Managing Director, Goldman Sachs Asset Management.

The acquisition will further expand Slate’s investment capacity and enable the company to offer bridging and transition loans, acquisitions of existing loans, investments in debt and flexible liquidity solutions for strong sponsors and assets.

Slate welcomes a group of new team members as part of the transaction and has hired additional professionals to ensure a seamless transition of the portfolio. Team members will join Slate’s offices in Chicago, New York, Dallas and Los Angeles.

BMO Capital Markets acted as financial advisor and Goodwin Procter LLP and McCarthy Tétrault LLP acted as legal advisor to Slate during the transaction.

About Slate Asset Management

Slate Asset Management is a global alternative investment platform with a focus on real estate. We focus on fundamentals with the aim of creating long-term value for our investors and partners. Slate’s platform offers a range of investment strategies including opportunistic, value-adding, core plus and leverage investments. We are supported by exceptional people and flexible capital that enable us to create and implement a wide range of compelling investment opportunities. Visit slateam.com to learn more.

About Goldman Sachs Asset Management Vintage Funds

By bringing together traditional and alternative investments, Goldman Sachs Asset Management offers clients around the world a committed partnership and focus on long-term performance. As the primary investment division within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, drawing on our deeply connected global network and tailored expert insights in all regions and markets over 2 trillion US dollars in assets regulated worldwide as of March 31, 2021. Driven by the passion for our customers’ performance, we strive to build long-term relationships based on conviction, sustainable results and mutual success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate and infrastructure. Founded in 1998, the Vintage Funds within Goldman Sachs Asset Management have been innovators in the secondary market and have invested over $ 40 billion since their inception. The Vintage Funds offer private market investors and managers worldwide liquidity, capital and partner solutions through private equity strategies. Follow us on LinkedIn.

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hot for sellers, tough for buyers

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CINCINNATI – The housing market is hot in the United States. And Cincinnati is no different.

It’s great for those looking to sell their home. But a challenge for anyone trying to buy one.

What you need to know

  • The real estate market in the greater Cincinnati area is one of the hottest in the country.
  • In June, listed houses were only on the market for nine days. The average sales prices have increased by 18.4% compared to the previous year.
  • Real estate agent Bob Dorger says it is a seller’s market.
  • Some sellers are willing to take the risk to take advantage of prices at the high end of the market.

“It’s definitely a sellers market. It can be a little frustrating to be a buyer due to limited inventory,” said Bob Dorger, owner of The Dorger Difference, a Cincinnati-based real estate agency affiliated with Comey & Shepherd Realtors.

Data released Thursday by Ohio Realtors shows sales in Cincinnati are up 10.9% year over year.

Cincinnati home sales for June 2021 (provided by Comey & Shepherd Realtors)

“We’re seeing entry level, moving and luxury properties all selling very quickly in the greater Cincinnati area, especially when a home is turnkey and ready to move in,” said Dorger.

According to Comey & Shepherd, listed homes in the greater Cincinnati area were on the market for an average of nine days last month. Compared to 23 days at that time last year.

Some sell before they’re even listed.

“In a typical market, houses sell in 30 to 60 days, so nine days gives you a barometer of how competitive the situation is. That’s why people have to be so strong with their offers,” Dorger said.

Comey & Shepherd said the average retail price for Greater Cincinnati was $ 301,969 in June. The average retail price last year was $ 254,152.

Sales prices for the year are up 18.4%, according to Ohio Realtors.

“This is a crazy market,” said Dorger. “We have never seen anything like it. There are many different factors – the pandemic, low interest rates, limited inventory. The perfect storm, so to speak, if you will. “

Selling a house

Mark Slaughter said he and his wife were already considering selling their Maineville, Ohio home. The prospect of a substantial return on their home investment provided the added incentive they needed.

“We knew what the market was like so we decided to sell the house,” he said. “Two people on my street made a profit of $ 100,000 and I wanted to do the same.”

It wasn’t long before they cashed in.

“Our house went to market at 3pm on Wednesday and at 3:30 pm people asked if we could go because they wanted to come over to see it,” Slaughter said.

The couple had seven or eight potential buyers the next day.

“By Thursday night we had four offers, two of which were cash and we accepted one of the cash offers,” Slaughter said.

Curtis Bailey, financial advisor at Quiet Wealth Management, said financial considerations shouldn’t be the only motivating factor behind a sale.

“I wouldn’t encourage people to sell just because the market is hot,” he said. “They have to live somewhere, and to take advantage of it they may have to live in an area they’d rather not want. However, I wouldn’t be surprised if property prices are higher in the next five to ten years.”

Buy a house

The interest rates are below 3%, which makes it an attractive time to buy. But a lack of available homes and condos can make it difficult for a buyer to find what they want.

Mark Slaughter tours a house with his wife (Image credit: Mark Slaughter)

Mark Slaughter tours a house with his wife (Image credit: Mark Slaughter)

One number that real estate agents like to look at is the months of the listing. That is the time it would take to sell all of the homes in the market at the current price if there was no new inventory.

Dorger said during a “normal, even market”, supply would take about six months. Right now it’s less than a month.

That’s part of what is driving the price hike. It has also led to bidding wars.

The Slaughters are in their fifth week of housing hunting. You’ve looked around Anderson Township, Liberty Township, West Chester, and a few other Greater Cincinnati suburbs.

So far, they have made offers for three properties, each of which is above the asking price. They were outbid every time.

Their most recent disappointment came on Friday when they deposited the check on their home sale.

“I woke up and went to three houses with my wife. We found one we fell in love with, “Slaughter said.” We made an offer, went to the broker to close our house and then put the check on the bank. Around 2 p.m. we were told: ‘No, you didn’t get the other house.’ “

Slaughter said they turned down two separate offers for a home.

“We offered and didn’t get $ 30,000,” he recalls. “That sale failed after the inspection. We told them that if they did a few repairs we would make them the same offer. But they refused that too.”

Bailey said people who want to buy need to take into account that prices are near the top of the market. So if you’re not planning on living in the house for five to ten years, maybe now is the time to consider holding back.

Slaughter said he was a little nervous about the overpayment. But he’s more concerned with finding the house that best suits his family’s needs.

At 51, he doesn’t want to move and “go through this over and over again,” he said.

“Buyer fatigue”

Slaughter said his agent Debra Ayers at Coldwell Banker Realty was great. They have been working together for more than a decade.

But he feels like he’s “bumping into a wall a bit”.

Bob Dorger, The Dorger Difference (provided)

Bob Dorger, The Dorger Difference (provided)

“I was free eight of the last 10 days, getting up at 7:00 a.m. each day to see the houses until 2 or 3 p.m. It was worse than work, “said Slaughter.

He and his wife will be visiting more homes this weekend. But planning ahead can be tricky as things change quickly.

Slaughter jokingly compared it to trying to find toilet paper last year.

“Every day we get a list of about eight houses that we will see the next day with our agent, but by the time we wake up this list will be reduced to five because three have closed overnight or are pending. It happens every day, ”he said.

The closure of the former Slaughters’ home took place on Friday. You have to move out by August 23rd. The couple knew that finding a home could be challenging and that they might need to find a short term rental.

They’ll do that if they can’t find anything in the next few weeks.

“We’re seeing a little buyer fatigue right now. We have buyers who tried to buy four, five, six houses and lost,” said Dorger. “Making the mental decision to buy a house is not an easy one.

Dorger said some buyers will “pause” their searches until fall or perhaps early next year when more inventory is expected.

A return to more traditional sales patterns is a “good thing,” he said.

“The current market is unsustainable, but I think we’re starting to see patterns that show we’re moving towards 2019 and pre-pandemic numbers,” Dorger said. “But I think it will be a strong second half of the year and we see 2022 strong as well. We don’t see it cooling off much anytime soon.”

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